Initially, the company focused on a relatively narrow sector — optimizing smart contracts in the blockchain industry and solving problems arising from their use. One of these solutions was the Chainlink project and the native LINK token. The Chainlink protocol appeared in 2017, but the platform was fully launched only in May 2019.
What is Chanlink? How to buy Chainlink crypto? What are the main features of the token? Today, we will try to find out!
How to Buy Chainlink Cryptocurrency: What Is Chainlink?
Chainlink is now a blockchain oracle network. The project team has dozens of employees. The essence of the platform is to solve the problems of the technical compatibility of blockchain technology with traditional data transfer methods.
Now smart contracts have gone beyond being used only in the cryptosphere — various organizations have started to use the blockchain. Therefore, there is a request to synchronize the work of crypto and the traditional financial industry.
For example, you need detailed information about the borrower’s interest rates and credit history to issue loans using smart contracts. This data is requested from various sources and accumulated using blockchain technologies.
The same data is requested by financial cryptocurrency platforms: crypto exchanges, trading venues, or investment platforms. The blockchain-based logistics industry needs data from GPS and other navigators.
Chainlink’s developers strive to implement a whole network of oracles compatible with BTC, ETH, and subsequently with other cryptocurrencies.
LINK Token Main Functions
How to buy Chainlink crypto? Well, first things first. Let’s consider the main functions of the project first.
Blockchains running smart contracts cannot maintain their own communication with external systems, and smart contracts cannot independently connect off-chain.
This requires oracles to act as intermediaries between blockchains and smart contracts. They provide communication with the outside world. Since oracles are used in the cryptosphere and connect various systems, they have been around for a long time. However, they were centralized. On their official website, the developers state:
Chainlink Labs’ mission is to accelerate smart contract innovation and adoption by empowering developers to build feature-rich decentralized applications and providing global enterprises with a universal gateway to all blockchains.
Thus, Chainlink has just occupied the empty niche of decentralized oracles. The project, which positions itself as the first decentralized oracle, provides external data for smart contracts. Chainlink has two layers.
- The first is off-chain, a subnet of oracle nodes that collect information from third-party sources (databases, APIs, etc.). Oracles work independently of each other following specified metrics.
- The second level is on-chain, which is responsible for selecting oracles corresponding to the smart contract.
Without such oracles, companies would have to contract and exchange information in the traditional way. Chainlink provides the ability to do the same using blockchain technology and thus makes the exchange of information between companies more secure and reliable.
Key Advantages of Chainlink
Let’s start with the advantages — the project team works with SWIFT, the world’s largest intermediary in international financial transactions. Thanks to this, the project has access to the world’s largest banks, ready to exchange information. This fact has a positive effect on both the prospects of Chainlink and the forecast of the LINK crypto.
The project has a transparent, fairly understandable, and reasonably achievable goal in its market segment. LINK cryptocurrency provides interoperability between chains such as Bitcoin and Ethereum and even allows connecting traditional systems without significant changes in traditional institutions.
In turn, the decentralized execution of smart contracts significantly increases the accuracy and security of the information received. Thus, LINK cryptocurrency has good prospects for strengthening and growth.
LINK Cryptocurrency Review
The decentralized cryptocurrency LINK has an open-source code that uses software specially developed by the project participants. With the help of tokens, the project developers allow information providers to earn money. The more productive a supplier is, the more the company earns.
You cannot mine LINK cryptocurrency. However, there should be no problems with storing coins. The token is based on the Ethereum network, so you can store LINK tokens on any wallet that supports ETH.
Chainlink (LINK) Crypto Price Prediction
At the beginning of the year, the token increased by almost 150% — in mid-January 2021, it was traded at around $21. In May, it peaked at $52.2, but then the price started to decrease along with the fall in the entire crypto market.
Since LINK is a utility token, its price strongly depends on the development of the project. Analysts note that Chainlink oracles are in increasing demand, which may positively affect the coin’s value. In the case of bullish sentiment, it can increase its price from $58 to $70.
However, the crypto market is bearish right now. Currently, the LINK coin is trading at $31.2.
Wallinvestor notes that LINK cryptocurrency should be considered as a long-term investment. Based on its own forecasts and technical analysis, the service believes that by 2026 the price per coin could rise to $120,632.
So, how to buy Chainlink cryptocurrency? Let’s finally find out!
How to Buy LINK Crypto at Switchere?
If you’re wondering how to buy LINK crypto, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy LINK in the fastest and most convenient way. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
Here is an easy step-by-step guide on buying LINK at Switchere!
- Visit our website and log in to your account.
- Choose the currency pair for exchanging, enter the amount, and your Chainlink wallet address.
- Check the transaction details, agree with our Storage of the Cardholder’s Credentials, and click on the ‘Make Payment’ button.
- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased LINK will be sent to your provided wallet address accordingly. Click on the ‘Show Order Status’ button to check the status of your transaction.
- Congratulations! The transaction is completed, and now you can check your Chainlink wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any troubles with the exchange process, let us know at [email protected].
Chainlink is a blockchain oracle network. If we talk about further prospects, LINK cryptocurrency is one of the few projects developing oracles. The team actively cooperates with SWIFT and launches mainnet — a blockchain that conducts real operations with cryptocurrency, transferring it from senders to recipients.
We hope that our guide has helped you learn more about Chainlink and how to buy LINK crypto. Was this article useful? Feel free to share your thoughts in the comments!